AP source: Wainwright, Cards strike $97.5M deal

Adam Wainwright and the Cardinals have agreed to a new contract that guarantees the Cardinals' ace an additional $97.5 million over five years through 2018.

Wainwright had been eligible to become a free agent after the World Series.

The new agreement, first reported by foxsports.com, was confirmed by a person familiar with the negotiations who spoke on condition of anonymity because it had not yet been announced. The Cardinals scheduled a news conference for Thursday at their spring training camp in Jupiter, Fla.

A 31-year-old right-hander, Wainwright was 14-13 with a 3.94 ERA last year after missing the Cardinals' World Series championship season in 2011 because of elbow surgery.